HBF completes acquisition of Queensland Country Health Fund

Latest News

HBF has formally acquired the Townsville-based Queensland Country Health Fund (QCHF) from Queensland Country Bank.

HBF said QCHF’s team of almost 100 employees and approximately 70,000 members has joined its organisation.

It said there will be no immediate change to QCHF policyholders’ cover, premiums, or benefits as a result of the acquisition, and they will continue to be serviced from QCHF’s existing locations in Queensland and the Northern Territory.

Dr Daniel Heredia, HBF executive general manager of insurance and health services said, “It’s our great pleasure to welcome both Queensland Country Health Fund’s members and employees to HBF.

“The addition of Queensland Country Health Fund is a significant milestone in HBF’s 82-year history, as it further grows our presence outside of WA in line with our strategy of building economies of scale nationally to maintain high-value health cover as a member-based health fund.

“Through the acquisition, more than one in five members are now outside our home state of WA and we’ve established Queensland as our second biggest market, building on the acquisition of Brisbane-based CUA Health in October 2021.”

Aaron Newman, Queensland Country Bank Group CEO added, “This acquisition is a great step for Queensland Country Health Fund.

“Our employees and members will leverage the benefits of HBF’s robust scale whilst continuing to be supported and serviced by an organisation that has a strong cultural alignment and member-first ethos. Similarly, both organisations have a strong track record of delivering excellent health cover outcomes for regional Australians.”